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Oct 1 (Reuters) - Canada's Penn West Petroleum Ltd PWT.TO
PWE.N announced its latest asset sale and also lowered it 2015
production forecast for the third time as it struggles with a
huge debt load and slumping oil prices.
The company said it would sell its non-operated 9.5 percent
stake in Weyburn unit, a conventional oilfield in Southeast
Saskatchewan, for C$205 million ($154 million).
Penn West said that after the sale, it would have raised
$810 million from asset sales. The company had long-term debt
C$2.21 billion and C$89 million in cash as of June 30.
Last month, Penn West announced the sale of assets in Mitsue
in Central Alberta for C$192.5 million in cash.
The company on Thursday also cut its 2015 production
forecast to 84,000-88,000 barrels of oil per day (boe/d) from
86,000-90,000 boe/d.
Penn West had last lowered its forecast in September due to
lower oil prices.
At that time, the company also cut its 2015 capital budget
for the third time, lowered pay for its board, suspended its
dividend and cut about a third of its workforce.
Up to Wednesday's close, the company's shares had fallen by
75 percent on the Toronto Stock Exchange this year.
($1 = C$1.30)